Transform your daily workflows and Save Settlement Statement

Aug 6th, 2022
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How to Save Settlement Statement

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so you have just been provided a copy of your settlement statement from your lender and youre wondering how do i read this settlement statement for my real estate closing im tiffany weber im a real estate lawyer in north carolina at thomas and weber in mooresville and we put out videos just like this to explain the closing process to you so make sure you subscribe most lenders provide to their borrowers a closing disclosure so thats the standard form that is used for residential loans and it is a five page document im going to tell you how to read it now a lot of attorneys and a lot of lenders will also call this a settlement statement but the official name of the document on the form is a closing disclosure so if i say closing disclosure i mean settlement statement but the settlement statement just provides you all of the information about your loan so on page one of the closing disclosure youre going to see the parties identified at the top so seller and buyer the property add

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When you pay off a mortgage, the original deed of trust is sent back to you by the mortgage holder marked paid or cancelled. This process usually takes up to 60 days, but because deeds are public records, you can check on the progress with your county registrar.
How long to keep: Seven years. Youve paid it off, and you dont want to have to pay it again. Just in case a bank or processing error shows up down the line that you might not be in the clear, make sure to hang onto any records of loans this includes student loans, car loans, etc. for seven years.
Financial experts recommend keeping these records for seven years after your home sale, based on the IRSs time frame for audits.
A settlement statement provides a breakdown of all the closing costs and credits involved in a real estate transaction or refinance.
State property records will show whether your lien is released. You can find information on property records by contacting your local Secretary of State or county recorder of deeds. After you pay off your mortgage, your lender should also return the original note to you.
Mortgages come with a lot of documentation. Much of it is useful for tax, accounting and maintenance purposes, so hang onto it. Store a copy of each of your mortgage statements for a few years to make sure all of your payments are accurate and accounted for.
A deed of reconveyance indicates that youve fully paid off your mortgage on your home, representing the transfer of ownership from your mortgage lender to you.
You should definitely keep the letter telling you that your loan was paid off in full. Wed also want you to keep at least the most current loan statement, the payment in full letter and a copy of the satisfaction of mortgage after it has been recorded.

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